What is Advance Refunding?

The advance payment refund guarantee is that the rural credit cooperative accepts the request of the pre-payee and assures the pre-payer that if the pre-payee fails to fulfill the contract or fails to use the pre-payment as stipulated in the contract, the rural credit cooperative will follow the pre-payer's refund request. Undertake the guarantee responsibility in accordance with the letter of guarantee. ^[1]

Advance receipt refund guarantee

Right!

The advance payment refund guarantee is that the rural credit cooperative accepts the request of the pre-payee and assures the pre-payer that if the pre-payee fails to fulfill the contract or fails to use the pre-payment as stipulated in the contract, the rural credit cooperative will follow the pre-payer's refund request. Undertake the guarantee responsibility in accordance with the letter of guarantee. ^[1]

Sample of advance payment refund guarantee

_________ (beneficiary):

_________ (the client) is a customer of our bank, whose settlement deposit account number is _________. The company has negotiated with you on the _________ year _________ month _________. The company received in advance your material reserve _________ yuan for purposes such as _________ under the _________ project. Accept the company's entrustment, and are willing to guarantee that the company's pre-collected funds are used exclusively. If the company does not use the above-mentioned pre-collected funds for the prescribed purpose, our bank will return the pre-collected funds to you in accordance with your regulations. The guarantee amount of our bank gradually decreases with the settlement of the project price of the above-mentioned projects.

In addition to the conditions for terminating the validity of the guarantee stated in the fixed terms of this guarantee, the guarantee bank may also revoke this guarantee when:

Guarantee bank (seal): _________

Signature of Legal Representative):_________

_________year month day